Berlin, May 6, 2026, 22:03 CEST
Bayer on Wednesday announced plans to acquire Perfuse Therapeutics for as much as $2.45 billion, targeting a mid-stage drug candidate for eye disease as it looks to reinforce its ophthalmology unit. The German company is putting down $300 million upfront; future payouts will hinge on how the drug progresses through development, regulatory hurdles, and eventual sales.
Bayer’s drug division is in a tricky spot right now. Eylea, which led pharma sales for the company in 2025, generated €3.11 billion, but that figure slipped 5.9% year-over-year as falling prices and pressure from generics hit the blockbuster eye drug.
So Perfuse isn’t just a bolt-on to the pipeline. With the deal, Bayer picks up a fresh chance to hold ground in a market where its legacy product is losing steam. It’s also one of the biggest biotech moves Bayer has made in years, following a stretch spent prioritizing restructuring over splashy drugmaker deals.
Perfuse’s main candidate, PER-001, is currently in Phase II trials targeting both glaucoma and diabetic retinopathy—a complication from diabetes that harms blood vessels in the retina. According to Bayer, researchers are evaluating whether the drug can help with visual field improvements in glaucoma patients, and boost contrast sensitivity while cutting down on ischemia, or limited blood flow, in those with diabetic retinopathy.
PER-001 acts as an endothelin receptor antagonist, blocking the peptide endothelin that constricts blood vessels. Perfuse is targeting better blood flow to the eye and hopes to stave off retinal cell death. The drug comes via a bio-erodible implant set directly in the eye to provide a steady, sustained release.
Juergen Eckhardt, who leads business development and licensing at Bayer Pharmaceuticals, said the company found the potential of PER-001 “encouraging.” Perfuse founder and CEO Sevgi Gurkan pointed to Bayer’s scale as a way to “unlock the full potential” of the program. Bayer
Most existing therapies for glaucoma aim to reduce eye pressure, while diabetic retinopathy care generally targets retinal damage control. Now, PER-001 is being promoted as a potential disease-modifying therapy—one that could alter how the diseases progress, not just address symptoms.
Competition is fierce. Regeneron controls U.S. rights to Eylea, Bayer has them abroad, but biosimilars and rival medicines—Roche included—are squeezing Eylea’s market share.
Still, Bayer is taking on notable risk with this deal. PER-001 hasn’t advanced past mid-stage trials yet. The bulk of the payout hangs on future milestones. And, as Fierce Biotech pointed out, there was no listing for a Phase III trial of PER-001 or Perfuse in the federal trials database when the news broke.
Regulators still have to sign off on the deal, and Perfuse stockholders haven’t voted yet. Bayer is working with BofA Securities, while Centerview Partners is on Perfuse’s side. Legal counsel comes from Baker McKenzie for Bayer and Goodwin Procter for Perfuse.
